Thursday Must Read: State Analyst Says Brown’s Budget Is Too Rosy; Number of California Millionaires Skyrockets

Stories you shouldn’t miss:

1. The nonpartisan state Legislative Analyst’s Office says that Governor Jerry Brown’s projections for state tax revenues appear to be overly optimistic — by as much as $3 billion, the Mercury News reports. The governor’s rosy budget projections could mean that the state will have to make even deeper cuts to state services than Brown proposes. The LAO says that Brown appears to be overestimating the amount of tax revenue from capital gains income. The governor apparently is relying on a tax revenue windfall from Facebook’s planned stock offering this year, Bloomberg News reports.

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